With the election of Eric Adams, New York has all the makings of a major financial centre for Bitcoin and cryptocurrencies, and the newly elected mayor has said he is ready to receive his salary in Bitcoin.
New York, Eric Adams wants his salary in Bitcoin
Adams had already declared on the campaign trail that he wanted to turn the city into a Bitcoin hub, and the day after his election he publicly announced that he would receive his first three “salaries” in BTC.
The most curious thing, however, is that he did so in a response to a tweet from Miami Mayor Francis Suarez, in which he announced that he wanted to receive his next paycheck in Bitcoin.
Miami vs New York: mayors in comparison
There seems to be a real race between the two mayors to try and win the role of the main promoter of a crypto hub in their respective cities.
Miami has actually been working on this for some time, but New York‘s financial might is unbeatable.
Adams himself, in response to Suarez, makes it clear that New York will be the future US centre of the cryptocurrency industry.
The city has not only two of the world’s leading exchanges, the NYSE and Nasdaq, but also several major traditional financial companies that have already begun their journey into the crypto markets.
Well-known crypto influencer Anthony Pompliano commented on this race saying:
“We literally have politicians competing with each other to adopt bitcoin faster”.
Competition is intrinsic to the Bitcoin project, as is the game theory that Satoshi Nakamoto clearly drew inspiration from when he created the protocol. This competition between mayors, and between cities, will most likely benefit the crypto market, increasing resources and efforts to produce and market new financial instruments or products, as well as a more crypto-friendly environment.
If New York were to become a major global hub for the crypto industry, it could benefit the industry in many ways, and perhaps even permanently break down some of the reluctance that still exists on the part of big global finance to fully engage in this sector.
To be honest, it is not important for Bitcoin that New York wins, or that Miami wins, but it is important for various territories to compete with each other to try to be as crypto-friendly as possible, in order to attract resources otherwise destined elsewhere. Bitcoin is, and will always remain, a global phenomenon not tied to a specific location. At best there may be some territories that are more exposed, and others that are more cut off.